US 10 and 30-Year yields have made lower lows. The
comparison we make on US 10-year is with the 1993 price action
(background being savings and loans crisis, housing downturn and
economic recession) and that overlay suggests an acceleration to
the downside in terms of yields. The medium term target is
unchanged at 1.15%-1.20%.

US 30-Year yields have breached 2.50% and a close below would
confirm the break. Expect an eventual test of the
2.00% area.